Technical calls by Religare Broking: Buy Exide Industries, GAIL

Top trading ideas by Religare Broking:

Exide Industries Limited

Rec: BUY

Last Close: 268.85

Initiation range: 267-270

Target: 284

Stop loss: 263

After making a record high at 304.70, EXIDEIND has been witnessing profit taking for past almost one month. It is currently consolidating around the support zone of multiple moving averages on different time frames and likely to see swift rebound in near future. Traders shouldn’t miss this chance and accumulate fresh longs in the given range.

GAIL (India) Limited

Rec: BUY

Last Close: 374.80

Initiation range: 369-373

Target: 394

Stop loss: 362

GAIL has retraced marginally of late, after making a record high in August 2018 and found support around the short-term moving averages (50/100) EMA on the daily chart. We believe it’s an excellent buying opportunity, considering the overall chart structure and positioning of confirmations indicators. Traders can accumulate within the given range.

Arvind Limited

Rec: SELL FUTURES

Last Close: 384.10

Initiation range: 387-390

Target: 368

Stop loss: 398

After a prolonged distribution phase that lasted for almost eight months, ARVIND is now trading on the verge of a fresh breakdown. We advise using any intraday bounce to create fresh shorts in the given range.

India Cements Limited

Rec: SELL FUTURES

Last Close: 113.75

Initiation range: 116-118

Target: 104

Stop loss: 123

In line with other cement counters, INDIACEM is also trading in downtrend. It recovered noticeably in the last two months but failed to surpass the resistance zone around 130 and formed a fresh buying pivot now. We advise traders to use any technical bounce to go short in the mentioned zone.

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.

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